FCX - Time to start building ~$33

As a fundamental story, this stock is worth $50, but a big CAPEX program and recent M&A has hurt the profitability. No funny share buy-backs being used to buoyancy the stock (good). Combine that with China weakness and you've got a beat-up stock (great).

We are pushing down to a key $33 level, established now for about a year. With some long term technical support trends lines to give you some down side barriers. Long term bullish , so start to build a positions around the $33 or $-cost-avg into this guy here.

This is good...guessing in the right direction (will be interesting over the next month to see which way the broader market moves), we should get a couple of tries to pick up shares at ~$33.50 over the next couple of weeks. A big closing number (~$33.67) will be a good test to hold and bounce off of, or drop down and test the two long term trend lines. A good catalyst for turning around will be options expiration dates approaching, a better china story (or energy story), or earnings time.